Ryan, I think you have to take in to consideration more factors than the ones you proposed.

The bottom line is there is a "right way" to invest successfully in other markets as a buy-and-hold investor.Selecting your market comes down to fundamentals like employment, job growth, and other economic factors.

Note: depending on alot of different factors.

Virtually all discussions of debt put forth by those advocating no debt fail to include a key factor.

Here we are today, and if those people had spent as much time and energy focused on investing as they did on "preparing for the end," they'd have made a lot of money over the past few years.Nobody knows where the economy is headed, and even economic geniuses can't account for the non-monetary factors that influence national and global markets.

Another factor to consider is you get agents bringing you the best deals when they know they get the back end sale too.

So all other factors being held equal, Texas might be the best bet.

There is no reason at all that you could not build a Turn-key company in Milwaukee if you offer a quality product and have good business acumen and business integrity.

Personally, I'd factor in the cost to put each unit on it's own electric and water meter in my offer to purchase.

One factor left out so far is income tax deduction implications due to the unit that is below market rent ...